Buy TTK Prestige; target of Rs 8030: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on TTK Prestige

TTK Prestige reported strong topline growth of 24.4% YoY to Rs 679.4 crore. The management indicated that it lost ~Rs 20-30 crore on account of non availability of certain SKUs for which the management is shifting the sourcing from China to domestic vendors. Domestic kitchen and home appliance demand was strong as people were working from home most of the time and also due to accentuated preference for home cooked food. Growth was broad based with cooker (30% of sales), cookware (15% of sales) and appliances (51% of sales) categories registering strong revenue growth of 29%, 34% and 19% YoY, respectively. Gross margins largely remained flattish YoY at 41.5% (I-direct estimate: 42.0%) on the back of ~9% price hike on certain categories during the quarter. However, owing to positive operating leverage, TTK reported one of its all-time high EBTDA margins of 17.4% (up 220 bps YoY). Absolute EBITDA grew 42% YoY to Rs 118.2 crore (I-direct estimate: Rs 96.2 crore). On the back of healthy operational performance, ensuing PAT increased 42% YoY to Rs 86.5 crore (I-direct estimate: Rs 70 crore).

Outlook

We reiterate our BUY rating on the stock with a target price of Rs 8030 (38x FY23E EPS, previous TP: Rs 7100).

For all recommendations report, click here

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